The Financial Sector Campaign Coalition (FSCC) and COSATU are disappointed but not surprised at the latest move by the Banking Association of South Africa to pull out of the Financial Sector Charter.The banks are showing their true colours after years of undermining the Charter`s attempts to measure financial sector transformation in an independent and objective forum.
This week`s antics by the Banking Association of South Africa show the cynicism of the banks towards transformation. BASA Managing Director Cas Coovadia is reported as saying the banks would in future not engage with organised labour and community groups but would engage directly with Government and the Association of Black Securities and Investment Professionals (Absip) "because this body is among the organisations which have black interests".
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Souce: COSATU
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